SunEdison to sell 333 MW of wind assets to JP Morgan partnership

SunEdison Inc (NYSE:SUNE) has entered into an agreement to sell 333 MW of wind power assets to its recently-formed partnership with institutional investors advised by JP Morgan Asset Management – Global Real Assets.

In particular, Terra Nova Renewable Partners will acquire the already operational 148-MW Oakfield wind farm and the 185-MW Bingham wind project, both in Maine, for a total of USD 209 million (EUR 190.7m).

Announcing the deal on Thursday, US renewables developer SunEdison said that the proceeds from this transaction will provide it with an upfront development margin. The company has a five-year option to buy back the assets and intends to grant its yieldco TerraForm Power (NASDAQ:TERP) call rights to the plants should they be repurchased, it added.

Terra Nova Renewable Partners was created by SunEdison and clients of JP Morgan Asset Management's Infrastructure Investments Group in September 2015. JP Morgan's clients have committed to contribute equity to acquire renewable energy projects developed or purchased by SunEdison, with the remaining costs seen to be funded with commercial bank debt and tax equity.

The Bingham wind farm is expected to become operational next year. Both plants count Eversource, National Grid and Unitil as off-takers.

(USD 1.0 = EUR 0.913)

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